The IPOX® Update 7/25/2025

U.S.

South Korean Fintech Toss Targets Over $10 Billion Valuation in 2026 U.S. IPO

South Korean fintech super-app Toss, operated by Viva Republica, is planning a U.S. IPO in the second quarter of 2026. The company is reportedly targeting a valuation of over $10 billion, with the potential to raise between $2 billion and $3 billion. This would mark the largest U.S. IPO by a South Korean company since Coupang listed in 2021. Toss, which achieved its first operating profit last year, intends to use the proceeds for global expansion. (Source)


Insurance Firm Accelerant Valued at $6.4 Billion in Strong NYSE Debut

Insurance marketplace Accelerant, backed by Todd Boehly, was valued at $6.4 billion in its New York Stock Exchange debut after its shares opened 36% above their offer price. The company raised $724 million, signaling strong investor appetite for insurance sector IPOs. According to IPOX® Research Associate Lukas Muehlbauer, "The tariff-induced volatility has triggered a classic flight to quality, forcing investors to prioritise predictable cash flows over speculative growth," adding that insurance companies are primary beneficiaries of this shift. The successful listing is part of a broader trend of well-performing insurance IPOs in New York. (Source 1) (Source 2)


Education Provider McGraw Hill Raises $415 Million in NYSE IPO

Online education provider McGraw Hill raised $415 million in its IPO on the New York Stock Exchange under the ticker "MH". The company, backed by Platinum Equity, priced its shares at $17 each, which was below the expected range. Commenting on the deal, IPOX® VP Kat Liu stated, "We expect the debut to be tepid initially. There’s long-term potential, but like other sponsor-backed names, it may take time to build real momentum and shake off the overhang of private equity influence." (Source)


Nasdaq CEO Signals Strong IPO Market Momentum Amid Positive Earnings

Nasdaq reported a second-quarter profit that beat Wall Street estimates, with revenue rising 13% to $1.31 billion, causing its shares to jump 7%. The exchange's CEO, Adena Friedman, expressed optimism for a broader recovery in the listings market, citing the highest number of IPOs on the exchange in the first half of 2025 since 2021. Notable listings included neo-bank Chime and AI firm CoreWeave, with software firm Figma expected to list soon. Increased market volatility from trade tariffs and geopolitical uncertainty helped boost trading volumes and revenue. (Source 1) (Source 2)


Blackstone Preparing Portfolio Companies for IPOs in Coming Quarters

Blackstone CEO Stephen Schwarzman announced that the asset manager is preparing a number of its portfolio companies for IPOs over the coming quarters. This signals a strategic move to capitalize on rising IPO and M&A activity. Blackstone President Jon Gray noted that the firm has its busiest pipeline of potential IPOs since 2021, fueled by a buoyant economy and pent-up demand. The firm's upbeat outlook follows the recent successful IPO of its portfolio company Cirsa, a gambling company in Spain. (Source)


U.S. House Committee Subpoenas JPMorgan and BofA CEOs Over China's CATL IPO

The U.S. House Select Committee on China has issued subpoenas to the CEOs of JPMorgan Chase and Bank of America regarding their underwriting roles in the potential Hong Kong IPO of Chinese battery giant CATL. The committee stated that the banks have not provided sufficient information following an initial request in April. CATL, the world's largest EV battery maker, has been accused by the U.S. government of aiding China's military, a claim the company denies. (Source)


Europe

Shawbrook Bank Aims for London IPO This Year with £2 Billion Valuation Target

Business lender Shawbrook Bank is moving forward with plans for a London IPO in the latter half of 2025, according to reports. The bank's private equity owners, BC Partners and Pollen Street Capital, are said to be targeting a valuation of £2 billion. The planned listing is seen as a positive development for the UK's capital markets, which have recently undergone rule changes to enhance their attractiveness. (Source)


London IPO Hopeful Utmost Group Considers Sale of Pensions Unit

Utmost Group, which is considering a London IPO, is exploring a sale of its UK life and pensions business. The company is reportedly working with advisors to weigh its options, which include a potential disposal of the unit. A sale would allow Utmost to focus on its international business, which provides insurance-linked investment products to wealthy clients, ahead of a potential public listing. (Source)


Asia-Pacific

China’s Top Medical Device Maker Mindray Considers $1 Billion Hong Kong Listing

Shenzhen Mindray Bio-Medical Electronics Co., China's largest medical device manufacturer, is reportedly considering a second listing in Hong Kong that could raise at least $1 billion. With a current market value of approximately $38 billion, Mindray has held discussions with potential advisors about the share sale. This move follows a trend of large mainland China-traded companies seeking secondary listings in Hong Kong, where fundraising has been more robust this year. (Source)


Daehan Shipbuilding Prices Korea Exchange IPO at Top of Range, Raising $360 Million

Daehan Shipbuilding has priced its IPO on the Korea Exchange at the top of its indicative range, raising W500 billion (US$360.1 million). The company, which specializes in oil tankers and ship repair, sold 10 million shares at W50,000 each. The offering received strong demand from institutional investors, with over 90% willing to buy at the top price. KB Securities, NH Investment & Securities, and Shinyoung Securities are the lead underwriters. (Source)


Temasek-Backed SemiFive Files for $200 Million IPO on Korea Exchange

SemiFive, a semiconductor design firm backed by Singapore's Temasek, has filed an application for an IPO on the Korea Exchange (KRX) expected to raise around US$200 million. Founded in 2019, the company specializes in non-memory integrated circuits. Despite a net loss of W291 billion (US$211 million) in 2024, its revenue grew 57% year-over-year to W111.8 billion. Samsung Securities and UBS are the lead underwriters for the deal. (Source)


MENA

Gulf IPO Market Shows Resilience in H1 2025; UAE Expects Up to Five More Listings

The Gulf Cooperation Council (GCC) IPO market demonstrated resilience in the first half of 2025, with 27 transactions raising $4.10 billion, an increase from the same period last year. Saudi Arabia led the region, hosting seven of the ten largest IPOs. Looking ahead, Citi predicts that the UAE could see up to five more IPOs before the end of 2025, with potential listings including Etihad Airways and IHC-owned holding company 2PointZero. Despite market volatility, strong local and international investor demand is expected to support the healthy pipeline. (Source 1) (Source 2)


Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.

Previous
Previous

SchusterWatch #799 (7/28/2025)

Next
Next

Reuters: IPOX® Research Associate Lukas Muehlbauer Comments on Insurance IPO Trend